The taxpayer is required to pay the Income Tax on an advance basis in 3-4 instalments depending on the type of taxpayer. We help you compute the advance tax and comply with the income tax provisions within its due date.
We are a professional consulting firm specialising in company registration, taxation, accounting, payroll, compliance, and intellectual property rights (IPR) services to assist new and existing businesses in India. We provide our professional services at a reasonable fee, explaining the eligibility, process, and documents required for setting up and maintaining a business. We also prepare and file necessary applications with relevant government agencies such as the Registrar of Companies (ROC) and the Income Tax Department. We do not directly provide government documents or represent ourselves as a government agency.
The payment of income tax is required to be made on an estimated basis during the financial year itself. The legal provisions of payment of the advance tax are mandatory in case the tax payable is more than Rs. 10,000/- in a financial year.
Naming a company is the most important requirement before one person company registration. For name approval, make sure that the proposed name of your OPC is not same or similar to existing companies / LLPs. Also make sure that it is not identical to a trademark or is showing patronage of the local/ State / Central Government.
| S. NO. | DUE DATE | ADVANCE TAX PAYABLE | PRESUMPTIVE TAX |
|---|---|---|---|
| 1. | On or before 15th June | 15% | Average Rate |
| 2. | On or before 15th Sept | 45% | - |
| 3. | On or before 15th Dec | 75% | - |
| 4. | On or before 15th March | 100% | - |
| 5. | By 31st March | - | 100% |
In general scheme of taxation a taxpayer is required to pay income tax after the conclusion of the financial year, However, if the total income tax payable is more than 10,000/- in a financial year then the tax is to be paid in advance as per due date.
An Individual, HUF or firm whose income is taxed on the presumptive basis under income tax is not required to pay tax in advance, this relaxation is ordinarily available to small business, paying tax as a % of the turnover and not on actual profits.
The advance tax must be paid within due date; the dates are provided hereunder for easy reference. On the late payment of advance tax, the taxpayer is liable for an interest @ 1% per month or part thereof.
Every taxpayer, whether he is a salaried employee, freelancer or having business income in a proprietorship, Firm, OPC, LLP or a company is required to pay income tax on advance basis if the tax is more than 10k during the FY.
The taxpayer under presumptive taxation has to pay tax on 8% of the turnover. Only individual, HUF and partnership firms qualify for presumptive taxation. In case of trading, the turnover limit is two crore whereas for professionals it is 50 lacs.
The payment of income tax is required to be made on estimated basis during the financial year itself. The legal provisions of payment of the advance tax are mandatory in case the tax payable is more than Rs. 10,000/- in a financial year.
